Stakeholders in the organised private sector of the economy have posited that for Nigeria to fully experience the economic benefits of the Federal Government economic recovery and growth plan (ERGP) initiative, government, both at the federal and state levels, must push for holistic budget implementation.
Chris Okunowo, president and chairman of governing council, Institute of Directors (IoD) Nigeria, said budget formulation and implementation are major strategies for driving national growth and development in advanced and developed economies of the world.
Okunowo made the observation at the 2019 Fellows’ Night and Investiture held in Lagos. The Fellows’ Night and Investiture is an advocacy forum endorsed by council of the institute for creating awareness on government policies and programmes with the theme, ‘A Critical Analysis of the Federal Government 2020 Budget Proposal’.
According to Okunowo, budget frameworks are the prerogative of government which set the policies and create the enabling environment for it, and work collaboratively with the private sector to drive the desired development.
“Over the decades, economic reforms in Nigeria have been multifaceted. However, the concern of directors and business leaders is that despite several reforms and economic frameworks introduced by the Federal Government, the Nigerian economy still appears to be moving at a snail speed and certainly not in conformity with the country’s resources both human and material,” said Okunowo.
“…we have continued to canvass for good corporate governance of all private and public sector organisations in the country and will continue to partner with all business and thought leaders from both the public and private sectors to push forward our innovative ideas for our collective benefits,” Okunowo further said.
Speaking on the investiture, Okunowo said that traditionally, the IoD Nigeria confers fellowship status annually on deserving members who have meritoriously distinguished themselves in the service of the institute in varying capacities while making notable contributions to the success stories of their respective companies and the Nigerian business community. “The Annual Fellows’ Night and Investiture is therefore, an event for the formal induction and celebration of the newly upgraded members of the institute to fellows,” he concludes.
Ben Akabueze, the DG, Budget Office of the Federation and keynote speaker, said, early budget submission was geared towards ensuring early approval and restoration of January-December budget cycle.
According to him, the early approval of the 2020 budget would also enable a return of 12 months capital budget implementation. “The budget is designed to sustain growth, create jobs and advance the delivery of Economic Recovery and Growth Plan (ERGP) 2017-2020 goals. More importantly, it will aid private sector planning and more effective engagement; the proposals reflect key reforms and initiatives in the ERGP,” Akabueze said.
Represented by Olumide Ayodele, senior technical adviser in the budget office, Akabueze opined that understanding the Federal Government budget presented by the President to the National Assembly on October 8, and the inherent business opportunities is crucial for economic actors in the country.
Akabueze stated that the 2020 budget revenue and expenditure plan of government aim to achieve macroeconomic goals and promote socio-economic development. “As Mr. President stated in his budget speech, ‘Investing in critical infrastructure, human capital development and enabling institutions’, especially in key job creating sectors, remain the key focus in FY2020.”
SEYI JOHN SALAU
